The article discusses ways to efficiently address climate change through flexible policies and business opportunities. It explores different strategies for reducing greenhouse gas emissions and meeting targets set by the Kyoto Protocol. The research covers project-based instruments, emissions trading, and the experiences of companies like BP Amoco in implementing climate policies. The findings suggest that negotiated agreements and flexible mechanisms can be effective in achieving climate goals, with potential economic benefits for businesses. The study also highlights the importance of early actions and policy incentives in tackling climate change.